Precious beyond precious

By Dilrukshi Handunnetti

Fabled for her precious stones since Biblical times when Queen Sheba received precious local gems from King Solomon, there should be no surprise that Sri Lanka, with its 2500 years of gemming history, heralded New Year 2016 with the sparkling discovery of the world’s largest Blue Star Sapphire, the Star of Adam.

A local gem merchant a fortnight ago went on record saying that he possessed the world’s largest Star Blue Sapphire, estimated to be worth the dazzling but dizzying price of US$300 million ((£206m).

The Gemological Institute, a Colombo-based pioneering private laboratory with specialised knowledge in the identification and certification of precious gems confirmed that the rare egg-shaped gemstone weighing 1404.49 carats could indeed be considered the largest of its type –globally.

Accordingly, the certification report stated that the precious stone was a “large specimen of unheated Blue Star Sapphire with a well-defined Asterism (star effect).”

Pricing

The pricing, according to the owner, was reached according to the reserve price of other famous gems, which now lives in fear of being identified and the additional risk of his precious Star Blue Sapphire being stolen. Speaking through an intermediary, he said “I am happy and proud. It is an honour to hold such a beauty.”

He came to own the precious gemstone four months ago when he purchased it from a local agent but its certification led him to the understanding that what he possessed was no ordinary Star Sapphire but the rarest kind – both in beauty and value. “The size and the sparking star said it all: I knew it was precious beyond precious.”

The current owner felt – thought not yet confirmed by then –that this could be a record-breaking Star Sapphire. “I was overjoyed to have it confirmed. But I don’t think even the agent knew its actual worth as he sold the previous stone to me.”

According to him, it is too large a stone to be used for any kind of jewellery.

Though he has quickly hung a price tag on his precious find, he is not willing to sell it yet. “There have been several buyers. Right now, what the Star of Adam needs its global recognition. That will add to its value.”

The owner claims to have reached its current valuation after studying the prices of various other famous gemstones, including Star Blue Sapphires. The closest indicator was the Black Star of Queensland, sold over a decade ago for a thumping US$ 100 million.

Though the owner has managed to quote a price, experts are not certain whether the task of ascribing a price is that easy. The sheer size, its weight and even the “look of heaviness’ makes it difficult to offer a valuation of a mundane kind,” said Ashan Amerasinghe, a gemologist from the Gemological Institute. His idea is that the gem is ideally a collector’s item or should rightfully sit at a museum- away from the threat of being stolen or being sold to private individuals.

Tears of Adam

The gemstone- known as the ‘Star of Adam’ – follows a local belief that Sri Lanka is the country Adam was banished to and that Blue Sapphires began to form as he wept his heart out, following his expulsion from Paradise.

The new Star Sapphire, named in honour of Adam’s tears of repentance, was discovered from a gem pit in Ratnapura, Sri Lanka’s gem capital. The new discovery has beaten the previous record holder, weighing 1,395 carats, at one time owned by the Guruge Brothers, though its current owner remains unknown.

Sri Lanka’s Blue Sapphires, also referred to as Ceylon Sapphires, are renowned for their unique colour, clarity and shimmer in their cornflower blue luster. One of the best discovered from Sri Lanka was owned by Diana, the Princess of Wales, now adorns the hand of Kate, Duchess of Cambridge.

Meanwhile, at least two gemologists expressed the opinion that the discovery of a Star Blue Sapphire, in ancient times, was considered a sign of prosperity not for the owner alone but for the entire country.

“Ceylon gemstones enjoy an undisputed global reputation with our specialties including Blue and Star Sapphires, Red and Pink Rubies, Garnets and Moonstones. We can now do with a bit of luck – for the entire country,” one of them said.